Bitmine has expanded its Ethereum (ETH) holdings with a $137 million purchase, as ETH regained the $2,150 level. The firm said it accelerated weekly acquisitions and signaled confidence that the recent crypto market downturn is nearing an end, while independent analysts highlighted improving technical and on-chain signals for Ethereum.
Bitmine Adds 65,000 ETH in Weekly Purchase
In a weekly update, Bitmine reported acquiring 65,341 ETH over the past week, bringing its pace of buying above the 45,000–50,000 ETH range seen in prior weeks. The company said the latest purchase lifts its combined crypto and cash holdings to approximately $11 billion at current prices.
As of March 22, Bitmine reported the following Ethereum-related positions and cash balance:
Treasury Snapshot
- ETH holdings: 4,660,903 ETH (about 3.86% of ETH’s circulating supply)
- Staked ETH: 3,142,643 ETH (valued at roughly $6.5 billion at $2,072 per ETH)
- Bitcoin: 196 BTC
- Equity stakes: $200 million in Beast Industries; $95 million in Eightco Holdings (part of its “Moonshots” initiative)
- Unencumbered cash: $1.1 billion
The company has previously set a goal of holding 5% of ETH’s roughly 120.7 million circulating supply.
Company Rationale: ‘Final Stages of Mini-Crypto Winter’
Bitmine chairman Tom Lee said the firm maintained an increased purchasing pace based on its view that ETH is in the “final stages of the mini-crypto winter.” He noted that crypto assets, and ETH in particular, have outperformed broader markets during recent geopolitical tensions, adding that the asset class has shown characteristics of a “wartime” store of value. Lee also cited congressional progress on the CLARITY Act as a potential positive catalyst for Ethereum.
Market Reaction and Analyst Views
Ethereum rose alongside the broader crypto market after U.S. President Donald Trump said planned strikes on Iranian energy infrastructure would be postponed for five days. ETH advanced about 8% from the $2,000 area to reclaim the $2,150 level.
Analyst Ali Martinez said ETH is showing signs of a structural shift, pointing to a combination of technical support and on-chain indicators. He noted that ETH continues to trade within a multi-year ascending triangle on the weekly chart and suggested that the recent move toward $1,800 aligned with the pattern’s rising trendline.
On-chain, Martinez highlighted that ETH’s MVRV ratio recently dipped below 0.8—an area he described as a historically attractive zone—coinciding with a test of the triangle’s support. He added that a key SuperTrend indicator flipped from sell to buy for the first time since May, and argued that a sustained move above $2,350 would signal an exit from accumulation into a broader expansion phase. According to Martinez, pullbacks into the $1,800–$2,000 range may remain constructive provided the $1,800 level holds.
ETH is the native asset of the Ethereum network, the largest smart-contract blockchain by market capitalization. It is used to pay transaction fees and can be staked to help secure the network and earn rewards.